Shiba Inu Whale Moves 1.7 Trillion SHIB As Price Struggles, Where Are They Headed?

The crypto group’s consideration has been drawn to a Shiba Inu whale that not too long ago moved trillions of the meme coin. Given the magnitude of those transactions, group members have sought to find the place these tokens had been transferred and the motive behind them.

Shiba Inu Whale Strikes 1.7 Trillion SHIB

On-chain knowledge reveals that the whale (crypto buying and selling platform Robinhood) moved 1.7 trillion SHIB tokens from one in all its wallets to a different in two separate transactions, with 875 billion SHIB tokens moved within the first transaction and the identical quantity transferred within the second. 

The crypto platform has grow to be recognized for shifting monumental quantities of SHIB tokens between their wallets, presumably to fulfill demand from prospects. Bitcoinist not too long ago reported how the buying and selling platform moved 3 trillion Shiba Inu tokens in a single transaction. Robinhood additionally had at one level accrued 332 billion SHIB at a go. 

Robinhood’s most up-to-date transaction follows the platform’s current itemizing of the meme coin for its New York prospects. As such, these whale transactions may have been made to meet purchase orders from these prospects. Whale transactions like Robinhood’s sign a bullish outlook for the meme coin and will spark value surges for the meme coin. 

In addition to the whales, different Shiba Inu buyers look to be actively accumulating the meme coin with knowledge from the on-chain analytics platform IntoTheBlock, which reveals that the bid-ask quantity imbalance is bullish for the meme coin. One other bullish sign for the meme coin is the rise in token burns. Information from the burn monitoring web site Shibburn reveals that the token burns have elevated by virtually 30% within the final seven days. 

Shiba Inu Lead Developer Teases New Challenge

Shiba Inu’s lead developer, Shytoshi Kusama, not too long ago shared a cryptic GIF on his X (previously Twitter) platform with the phrase “Evita,” which suggests “life” in Latin. One other Shiba Inu developer, Kaal Dhairya, additionally shared a GIF on his X platform that had the phrase “Evita” on it, suggesting that the staff may be engaged on one other venture within the Shiba Inu ecosystem. 

Members of the Shiba Inu group have already begun attempting to decode what these cryptic tweets may imply, however nothing has been made out of them to date, with solely mere speculations. Nevertheless, that is undoubtedly one thing to control, contemplating that Kusama has previously made cryptic posts that normally function a prelude to a large announcement.  

On the time of writing, Shiba Inu is buying and selling at round $0.00002391, down over 3% within the final 24 hours, based on knowledge from CoinMarketCap.

SHIB value struggles to carry $0.000024 | Supply: SHIBUSDT on Tradingview.com

Featured picture from Analytics Perception, chart from Tradingview.com